It's the time wasting as it forms the wedge shape that frustrates traders, until a point it breaks hard and almost all traders are not aware what has happened.
When markets are like that I strongly encourage members to look at other markets, with over 25 markets
that we follow a decent idea is never far away.
Well we finally got what appears to be the break we were expecting, and we even followed it lower to cover our shorts on the end of a 5 wave move.
If the bounce remains under the prior swing high at 1531SPX, we are looking to put shorts back on for what I expect will be a strong breakdown towards 1450SPX.
With our risk known, it offers a higher reward for a small risk, exactly the sort of trades that I encourage members to take, I think if the market fails to see a strong break above 1520SPX, it should setup for a decent move lower, having put in a 5 wave decline it's a strong start that a peak is in place.
As always we use stops and know our risk before we put the trade on.
ESAs mentioned above, some members trade the ES, so we have almost 24hr coverage of the markets. If members want an update as to the ideas, they can come into the chat room and ask questions or see the latest ideas in the forums. With the extensive range we trade there is always a market for everyone.
Some members, including myself were short the ES well before the move as we knew the risk to the idea was just under 1540SPX, so using the ideas on the SPX for risk control on the ES.
I was personally short from 1517-20ES as suggested in our swing trades service, so members had the ability to follow my personal trades.
Read the rest here: http://www.safehaven.com/article/28924/market-report-it-has-started